Just out of interest, I thought I would post the daily S&P 500 chart to accompany my previous post showing potential for a major trend change. At this stage it looks like an ordinary correction in an uptrend as we saw late January this year. We have the same setup now and we know that this time of year there is a high chance of correction.
If the candle breaks out through the bottom of the cloud, then we could expect support around 1780. There is also a high chance that if the support is found at the bottom of the cloud, we could have a rally to a new high in May, before we see the major trend change from bull to bear as I was talking about on the weekly chart in my previous post.
Click on chart to enlarge
Below: S&P 500 daily chart. You can see how the Chikou cross corresponds with the failure of support and this confirmed the reversal as did the stochastic and MACD.
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